- Total quarterly revenues increased 15.5% year-over-year from
Q3 '22
- Subscription service revenues increased 24.6% year-over-year
from Q3 '22
- Annual Recurring Revenue (ARR)(1) grew to $128.3 million - a
20.4% year-over-year increase from Q3 '22
PAR Technology Corporation (NYSE: PAR) (“PAR Technology” or the
“Company”) today announced its financial results for the third
quarter ended September 30, 2023.
Summary of Fiscal 2023 Third Quarter
- Revenues were reported at $107.1 million for the three months
ended September 30, 2023, a 15.5% increase compared to $92.8
million for the same period in 2022.
- Net loss for the three months ended September 30, 2023 was
$15.5 million, or $0.56 net loss per share, compared to a net loss
of $21.3 million, or $0.79 net loss per share reported for the same
period in 2022.
- EBITDA(1) for the three months ended September 30, 2023 was a
loss of $6.9 million compared to a loss of $12.2 million for the
same period in 2022.
- Adjusted EBITDA(1) for the three months ended September 30,
2023 was a loss of $2.6 million compared to an Adjusted EBITDA loss
of $8.0 million for the same period in 2022.
- Adjusted net loss(1) for the three months ended September 30,
2023 was $5.8 million, or $0.21 adjusted diluted net loss per
share(1), compared to an adjusted net loss of $11.9 million, or
$0.44 adjusted diluted net loss per share, for the same period in
2022.
Summary of Year-to-Date Financial Results
- Revenues were reported at $308.1 million for the nine months
ended September 30, 2023, a 19.4% increase compared to $258.1
million for the same period in 2022.
- Net loss for the nine months ended September 30, 2023 was $51.1
million, or $1.86 net loss per share, compared to a net loss of
$55.8 million, or $2.06 net loss per share reported for the same
period in 2022.
- EBITDA for the nine months ended September 30, 2023 was a loss
of $24.6 million compared to a loss of $28.6 million for the same
period in 2022.
- Adjusted EBITDA for the nine months ended September 30, 2023
was a loss of $21.3 million compared to an Adjusted EBITDA loss of
$16.0 million for the same period in 2022.
- Adjusted net loss for the nine months ended September 30, 2023
was $32.7 million, or $1.19 adjusted diluted net loss per share,
compared to an adjusted net loss of $28.9 million, or $1.06
adjusted diluted net loss per share, for the same period in
2022.
Reconciliations and descriptions of non-GAAP financial measures
to corresponding GAAP financial measures are included in the tables
at the end of this press release.
_______
(1)
See “Key Performance Indicators and
Non-GAAP Financial Measures” below.
The Company's key performance indicators ARR and Active Sites(1)
are organized into three subscription service product lines: Guest
Engagement (Punchh and MENU), Operator Solutions (Brink POS, PAR
Pay, and PAR Payment Services), and Back Office (Data Central).
Highlights of Guest Engagement - Third Quarter
2023(1):
- ARR at end of Q3 '23 totaled $62.2 million
- New store Activations in Q3 '23 totaled approximately 1,000
sites
- Active Sites as of September 30, 2023 totaled 68.1 thousand
restaurants
Highlights of Operator Solutions - Third Quarter
2023(1):
- ARR at end of Q3 '23 totaled $53.8 million
- New store Activations in Q3 '23 totaled approximately 1,200
sites
- Bookings in Q3 '23 totaled approximately 1,100 sites
- Active Sites as of September 30, 2023 totaled 22.5 thousand
restaurants
Highlights of Back Office - Third Quarter 2023(1):
- ARR at end of Q3 '23 totaled $12.4 million
- New store Activations in Q3 '23 totaled approximately 400
sites
- Active Sites as of September 30, 2023 totaled 7.5 thousand
restaurants
PAR Technology CEO, Savneet Singh, commented on the results, “As
our results for the quarter demonstrated, we continue to build
momentum as we scale our business. In the quarter we delivered
subscription services revenue growth of 24.6% and ARR growth of
20.4%. With the year-over-year growth in our ARR, a rebound in our
subscription services gross margin and our focus on holding
operating expenses, we improved and reduced our adjusted EBITDA
loss by over 65% from Q3 2022. This quarter also marked a seminal
moment in PAR’s history as we announced the exclusive selection of
Brink POS and MENU Link by Burger King for their North American
traditional restaurants. Already possessing the most comprehensive
cloud offering, PAR will continue to deliver a roadmap of
innovation to strengthen our offerings while enhancing the customer
experience."
Earnings Conference Call.
There will be a conference call at 4:30 p.m. (Eastern) on
November 9, 2023, during which management will discuss the
Company's financial results for the third quarter ended September
30, 2023. To participate on the conference call, please register in
advance via the link provided at
https://www.partech.com/investor-relations/. After registering, a
confirmation email will be sent including dial-in details and
unique conference call codes for entry. Registration is open
throughout the live call, but to ensure you are connected for the
entire call we suggest registering at least 10 minutes before the
start of the call. The conference call will also be webcast live.
To access the webcast, please visit
https://www.partech.com/investor-relations/; a recording of the
webcast will be available on the site after the event.
About PAR Technology Corporation.
For more than 40 years, PAR Technology Corporation’s (NYSE
Symbol: PAR) cutting-edge products and services have helped bold
and passionate restaurant brands build lasting guest relationships.
We are the partner enterprise restaurants rely on when they need to
serve amazing moments from open to close, during the most hectic
rush hours, and when the world forces them to adapt and overcome.
More than 70,000 restaurants in more than 110 countries use PAR’s
restaurant point-of-sale, customer loyalty and engagement,
payments, omnichannel digital ordering and delivery, and
back-office software solutions as well as industry leading hardware
and drive-thru offerings. To learn more, visit partech.com or
connect with us on LinkedIn, Twitter, Facebook, and Instagram. The
Company's Environmental, Social, and Governance report can be found
at https://www.partech.com/company/ESG.
_______
(1)
See “Key Performance Indicators and
Non-GAAP Financial Measures” below.
Key Performance Indicators and Non-GAAP Financial
Measures.
We monitor certain key performance indicators and non-GAAP
financial measures in the evaluation and management of our
business; certain key performance indicators and non-GAAP financial
measures are provided in this press release because we believe they
are useful in facilitating period-to-period comparisons of our
business performance. Key performance indicators and non-GAAP
financial measures do not reflect and should be viewed
independently of our financial performance determined in accordance
with GAAP. Key performance indicators and non-GAAP financial
measures are not forecasts or indicators of future or expected
results and should not have undue reliance placed upon them by
investors.
Where non-GAAP financial measures are included in this press
release, the most directly comparable GAAP financial measures and a
detailed reconciliation between GAAP and non-GAAP financial
measures is included in this press release under “Non-GAAP
Financial Measures”.
Unless otherwise indicated, financial and operating data
included in this press release is as of September 30, 2023.
As used in this press release,
“Annual Recurring Revenue” or “ARR” is the annualized
revenue from subscription services, including subscription fees for
our SaaS solutions, related software support, and transaction-based
payment processing services. We calculate ARR by annualizing the
monthly subscription service revenue for all Active Sites as of the
last day of each month for the respective reporting period.
“Active Sites” represent locations active on PAR’s
subscription services as of the last day of the respective fiscal
period.
“Activations” are calculated as of the end of each month
based on the number of customers that have initiated use of our
subscription services. Once “activated”, PAR begins to invoice/bill
the customer. In specific cases with Punchh, invoicing takes place
before activation take place.
“Bookings” are customer purchase orders for subscription
services; upon PAR's acceptance, the customer is obligated to
purchase the subscription service and pay PAR for the subscription
services. In specific cases with Punchh, bookings are added at the
time of execution of the relevant master services agreement.
Trademarks.
“PAR®,” “Brink POS®,” “Punchh®,” “MENUTM,” “Data Central®,”
"PAR® Pay”, “PAR® Payment Services” and other trademarks appearing
in this press release belong to us.
Forward-Looking Statements.
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, Section 27A of the Securities Act of 1933, as amended,
and the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are not historical in nature, but rather
are predictive of our future operations, financial condition,
financial results, business strategies and prospects.
Forward-looking statements are generally identified by words such
as “anticipate,” “believe,” “belief,” “continue,” “could,”
“expect,” “estimate,” “intend,” “may,” “opportunity,” “plan,”
“should,” “will,” “would,” “will likely result,” and similar
expressions. Forward-looking statements are based on management's
current expectations and assumptions that are subject to a variety
of risks and uncertainties, many of which are beyond our control,
which could cause our actual results to differ materially from
those expressed in or implied by forward-looking statements
contained in this press release about our business, financial
condition, and results of operations. Factors, risks, trends and
uncertainties that could cause our actual results to differ
materially from those expressed in or implied by forward-looking
statements contained in this press release include, among others, a
resurgence of COVID-19 cases and the responses of governments,
businesses, customers and consumers; unfavorable macroeconomic
conditions, such as recession or slowed economic growth, bank
failures or other banking industry disruptions, increased interest
rates, inflation, and changes in consumer confidence and
discretionary spending; geopolitical events, such as the
Russia-Ukraine war and escalating tensions between China and
Taiwan; the competitive marketplace for talent and its impact on
employee recruitment and retention; component shortages, inventory
management, and/or manufacturing disruptions and logistics
challenges; risks associated with our international operations; our
ability to maintain proper and effective internal control over
financial reporting; changes in estimates and assumptions we make
in connection with the preparation of our financial statements, in
building our business and operational plans, and in executing our
strategies; and the other factors, risks, trends and uncertainties
discussed in our most recent Annual Report on Form 10-K/A and other
filings with the Securities and Exchange Commission. Undue reliance
should not be placed on the forward-looking statements in this
press release, which are based on the information available to us
on the date hereof. We undertake no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise, except as may be required
under applicable securities law.
PAR TECHNOLOGY CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited, in thousands, except
share amounts)
Assets
September 30, 2023
December 31, 2022
Current assets:
Cash and cash equivalents
$
43,136
$
70,328
Cash held on behalf of customers
8,758
7,205
Short-term investments
36,717
40,290
Accounts receivable – net
66,441
59,960
Inventories
24,193
37,594
Other current assets
9,516
8,572
Total current assets
188,761
223,949
Property, plant and equipment – net
16,110
12,961
Goodwill
487,073
486,762
Intangible assets – net
96,562
111,097
Lease right-of-use assets
4,303
4,061
Other assets
16,400
16,028
Total assets
$
809,209
$
854,858
Liabilities and Shareholders’
Equity
Current liabilities:
Current portion of long-term debt
$
13,638
$
—
Accounts payable
27,229
23,283
Accrued salaries and benefits
15,652
18,936
Accrued expenses
10,578
6,531
Customers payable
8,758
7,205
Lease liabilities – current portion
1,327
1,307
Customer deposits and deferred service
revenue
10,066
10,562
Total current liabilities
87,248
67,824
Lease liabilities – net of current
portion
3,075
2,868
Deferred service revenue – noncurrent
4,329
5,125
Long-term debt
377,148
389,192
Other long-term liabilities
4,669
14,655
Total liabilities
476,469
479,664
Shareholders’ equity:
Preferred stock, $.02 par value, 1,000,000
shares authorized, none outstanding
—
—
Common stock, $0.02 par value, 58,000,000
shares authorized, 28,877,896 and 28,589,567 shares issued,
27,520,284 and 27,319,045 outstanding at September 30, 2023 and
December 31, 2022, respectively
574
570
Additional paid in capital
606,836
595,286
Accumulated deficit
(256,327
)
(205,204
)
Accumulated other comprehensive loss
(1,507
)
(1,365
)
Treasury stock, at cost, 1,357,612 shares
and 1,270,522 shares at September 30, 2023 and December 31, 2022,
respectively
(16,836
)
(14,093
)
Total shareholders’ equity
332,740
375,194
Total Liabilities and Shareholders’
Equity
$
809,209
$
854,858
See notes to unaudited interim condensed
consolidated financial statements included in the Company's
quarterly report on Form 10-Q for the quarter ended September 30,
2023 (the “Quarterly Report”).
PAR TECHNOLOGY
CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(unaudited, in thousands, except
per share amounts)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Revenues, net:
Hardware
$
25,824
$
31,343
$
78,991
$
84,820
Subscription service
31,363
25,170
89,700
69,591
Professional service
11,514
11,840
38,123
36,959
Contract
38,433
24,414
101,301
66,775
Total revenues, net
107,134
92,767
308,115
258,145
Costs of sales:
Hardware
19,295
25,458
63,002
69,666
Subscription service
15,497
13,054
46,655
34,332
Professional service
8,775
10,967
31,925
30,649
Contract
35,381
21,880
94,624
60,356
Total cost of sales
78,948
71,359
236,206
195,003
Gross margin
28,186
21,408
71,909
63,142
Operating expenses:
Selling, general and administrative
26,249
26,543
79,357
75,309
Research and development
14,660
12,843
43,863
33,785
Amortization of identifiable intangible
assets
464
465
1,393
1,399
Adjustment to contingent consideration
liability
—
—
(7,500
)
—
Gain on insurance proceeds
—
—
(500
)
—
Total operating expenses
41,373
39,851
116,613
110,493
Operating loss
(13,187
)
(18,443
)
(44,704
)
(47,351
)
Other expense, net
(373
)
(179
)
(337
)
(804
)
Interest expense, net
(1,750
)
(2,140
)
(5,152
)
(7,054
)
Loss before provision for income taxes
(15,310
)
(20,762
)
(50,193
)
(55,209
)
Provision for income taxes
(206
)
(578
)
(930
)
(629
)
Net loss
$
(15,516
)
$
(21,340
)
$
(51,123
)
$
(55,838
)
Net loss per share (basic and diluted)
$
(0.56
)
$
(0.79
)
$
(1.86
)
$
(2.06
)
Weighted average shares outstanding (basic
and diluted)
27,472
27,110
27,412
27,150
See notes to unaudited interim condensed
consolidated financial statements included in the Quarterly
Report.
PAR TECHNOLOGY
CORPORATION
SUPPLEMENTAL
INFORMATION
(unaudited)
The following table sets forth certain
unaudited supplemental financial data for the seven trailing
quarters indicated:
Segment Revenue by Product
Line:
2023
2022
in thousands
Q3
Q2
Q1
Q4
Q3
Q2
Q1
Restaurant/Retail
Hardware
$
25,824
$
26,390
$
26,777
$
29,590
$
31,343
$
28,390
$
25,073
Subscription service
31,363
30,372
27,965
27,908
25,170
23,150
21,285
Professional service
11,514
12,767
13,842
13,479
11,840
12,631
12,488
Total Restaurant/Retail
$
68,701
$
69,529
$
68,584
$
70,977
$
68,353
$
64,171
$
58,846
Government
Mission systems
$
8,808
$
9,218
$
9,383
$
8,678
$
8,982
$
8,883
$
8,915
Intelligence, surveillance, and
reconnaissance solutions
29,275
21,510
22,216
17,394
14,710
11,747
12,290
Commercial software
350
287
254
601
722
292
234
Total Government
$
38,433
$
31,015
$
31,853
$
26,673
$
24,414
$
20,922
$
21,439
Total Revenue
$
107,134
$
100,544
$
100,437
$
97,650
$
92,767
$
85,093
$
80,285
Non-GAAP Financial Measures
The Company reports its financial results in accordance with
GAAP. However, the non-GAAP financial measures set forth in the
reconciliation tables below are provided because management uses
these non-GAAP financial measures in evaluating the results of the
Company's continuing operations and believes this information
provides investors supplemental insight into underlying business
trends and operating results. These non-GAAP financial measures are
not based on any comprehensive set of accounting rules or
principles and should not be considered a substitute for, or
superior to, financial measures calculated in accordance with GAAP.
While we believe that these non-GAAP financial measures provide
useful supplemental information to investors, there are limitations
associated with the use of these non-GAAP financial measures. In
addition, these non-GAAP financial measures should be read in
conjunction with the Company’s unaudited interim condensed
consolidated financial statements prepared in accordance with
GAAP.
Within this press release, the Company makes reference to
EBITDA, adjusted EBITDA, adjusted net loss, and adjusted diluted
net loss per share which are non-GAAP financial measures. EBITDA
represents net loss before income taxes, interest expense, and
depreciation and amortization. Adjusted EBITDA represents EBITDA as
adjusted to exclude certain non-cash and non-recurring charges
including stock-based compensation, acquisition expenses, certain
pending litigation expenses, and other non-recurring charges that
may not be indicative of our financial performance; and adjusted
net loss and adjusted diluted net loss per share represents the
exclusion of amortization of acquired intangible assets, certain
non-cash and non-recurring charges, including stock-based
compensation, acquisition expense, certain pending litigation
expenses, and other non-recurring charges that may not be
indicative of our financial performance.
The Company is presenting adjusted EBITDA and adjusted net loss
because we believe that these financial measures provide
supplemental information that may be useful to investors in
evaluating the Company's core business operating results and
comparing such results to other similar companies. Management
believes that adjusted EBITDA and adjusted net loss, when viewed
with the Company's results of operations in accordance with GAAP
and the reconciliations to the most directly comparable GAAP
measures provided in the tables below, provide useful information
about operating performance and period-over-period growth, and
provide additional information that is useful for evaluating the
operating performance of the Company's core business without regard
to potential distortions. Management also believes that adjusted
EBITDA provides investors with insight into factors and trends that
could affect the Company's ongoing cash earnings, from which
capital investments are made and debt is serviced.
The Company's results of operations are impacted by certain
non-cash and non-recurring charges, including stock-based
compensation, acquisition related expenditures, and other
non-recurring charges that may not be indicative of the Company’s
financial performance. Management believes that adjusting its net
loss and diluted loss per share to remove non-recurring charges
provides a useful perspective with respect to the Company's
operating results and provides supplemental information to both
management and investors by removing items that are difficult to
predict and are often unanticipated.
EBITDA, adjusted EBITDA, adjusted net loss, and adjusted diluted
net loss per share are not measures of financial performance or
liquidity under GAAP and, accordingly, should not be considered as
alternatives to net income (loss) or cash flow from operating
activities as indicators of operating performance or liquidity.
Also, these measures may not be comparable to similarly titled
captions of other companies. The tables below provide
reconciliations between net loss and EBITDA, adjusted EBITDA and
adjusted net loss, as well as diluted loss per share and adjusted
diluted loss per share.
The following tables set forth certain unaudited supplemental
financial and other data for the periods indicated:
Three Months Ended September
30,
in thousands
2023
2022
Reconciliation of Net Loss to EBITDA and
Adjusted EBITDA
Net loss
$
(15,516
)
$
(21,340
)
Provision for income taxes
206
578
Interest expense
1,750
2,140
Depreciation and amortization
6,665
6,441
EBITDA
$
(6,895
)
$
(12,181
)
Stock-based compensation expense (1)
3,972
3,490
Regulatory matter (2)
—
415
Acquisition costs (3)
—
134
Other expense – net (4)
373
179
Adjusted EBITDA
$
(2,550
)
$
(7,963
)
1
Adjustments reflect stock-based
compensation expense of $4.0 million and $3.5 million for the three
months ended September 30, 2023 and 2022, respectively.
2
Adjustment reflects a non-recurring
expense accrued related to our efforts to resolve a regulatory
matter.
3
Adjustment reflects the acquisition
expenses incurred in the acquisition of MENU Technologies AG in
July 2022 (the "MENU Acquisition").
4
Adjustment reflects foreign currency
transaction gains and losses, rental income and losses, and other
non-recurring expenses recorded in other expense, net, in the
accompanying statements of operations.
in thousands, except per share amounts
Three Months Ended September
30,
Reconciliation of Net Loss/Diluted Net
Loss per Share to Adjusted Net Loss/Adjusted Diluted Net Loss per
Share:
2023
2022
Net loss/diluted loss per share
$
(15,516
)
$
(0.56
)
$
(21,340
)
$
(0.79
)
Non-cash interest expense (1)
541
0.02
504
0.02
Acquired intangible assets amortization
(2)
4,828
0.18
4,712
0.17
Stock-based compensation expense (3)
3,972
0.14
3,490
0.13
Regulatory matter (4)
—
—
415
0.02
Acquisition costs (5)
—
—
134
—
Other expense – net (6)
373
0.01
179
0.01
Adjusted net loss/adjusted diluted net
loss per share
$
(5,802
)
$
(0.21
)
$
(11,906
)
$
(0.44
)
Adjusted weighted average common shares
outstanding
27,472
27,110
1
Adjustment reflects non-cash accretion of
interest expense and amortization of issuance costs related to the
Company's 4.500% Convertible Senior Notes due 2024 (the "2024
Notes"), 2.875% Convertible Senior Notes due 2026 (the "2026
Notes"), and the 1.500% Convertible Senior Notes due 2027 (the
“2027 Notes”, and together with the 2024 Notes and the 2026 Notes,
the “Senior Notes”) of $0.5 million and $0.5 million for the three
months ended September 30, 2023 and 2022, respectively.
2
Adjustment amortization expense of
acquired developed technology included within cost of sales of $4.3
million and $4.3 million for the three months ended September 30,
2023 and 2022, respectively; and amortization expense of acquired
intangible assets of $0.5 million and $0.4 million for the three
months ended September 30, 2023 and 2022, respectively.
3
Adjustment reflects stock-based
compensation expense of $4.0 million and $3.5 million for the three
months ended September 30, 2023 and 2022, respectively.
4
Adjustment reflects a non-recurring
expense accrued related to our efforts to resolve a regulatory
matter.
5
Adjustment reflects the acquisition
expenses incurred in the MENU Acquisition.
6
Adjustment reflects foreign currency
transaction gains and losses, rental income and losses, and other
non-recurring expenses recorded in other expense, net, in the
accompanying statements of operations.
Nine Months Ended September
30,
in thousands
2023
2022
Reconciliation of Net Loss to EBITDA and
Adjusted EBITDA
Net loss
$
(51,123
)
$
(55,838
)
Provision for income taxes
930
629
Interest expense
5,152
7,054
Depreciation and amortization
20,480
19,593
EBITDA
$
(24,561
)
$
(28,562
)
Stock-based compensation expense (1)
10,642
10,257
Regulatory matter (2)
—
415
Contingent consideration (3)
(7,500
)
—
Acquisition costs (4)
—
1,085
Gain on insurance proceeds (5)
(500
)
—
Severance (6)
253
—
Other expense – net (7)
337
804
Adjusted EBITDA
$
(21,329
)
$
(16,001
)
1
Adjustments reflect stock-based
compensation expense of $10.6 million and $10.3 million for the
nine months ended September 30, 2023 and 2022, respectively.
2
Adjustment reflects a non-recurring
expense accrued related to our efforts to resolve a regulatory
matter.
3
Adjustment reflects non-cash changes to
the fair market value of the contingent consideration liability
related to the MENU Acquisition.
4
Adjustment reflects the acquisition
expenses incurred in the MENU Acquisition.
5
Adjustment reflects the gain on insurance
proceeds due to the settlement of a legacy claim.
6
Adjustment reflects severance included in
SG&A and R&D expense.
7
Adjustment reflects foreign currency
transaction gains and losses, rental income and losses, and other
non-recurring expenses recorded in other expense, net, in the
accompanying statements of operations.
in thousands, except per share amounts
Nine Months Ended September
30,
Reconciliation of Net Loss/Diluted Net
Loss per Share to Adjusted Net Loss/Adjusted Diluted Net Loss per
Share:
2023
2022
Net loss/diluted loss per share
$
(51,123
)
$
(1.86
)
$
(55,838
)
$
(2.06
)
Non-cash interest expense (1)
1,594
0.06
1,484
0.05
Acquired intangible assets amortization
(2)
13,555
0.49
12,941
0.48
Stock-based compensation expense (3)
10,642
0.39
10,257
0.38
Regulatory matter (4)
—
—
415
0.02
Contingent consideration (5)
(7,500
)
(0.27
)
—
—
Acquisition costs (6)
—
—
1,085
0.04
Gain on insurance proceeds (7)
(500
)
(0.02
)
—
—
Severance (8)
253
0.01
—
—
Other expense – net (9)
337
0.01
804
0.03
Adjusted net loss/adjusted diluted net
loss per share
$
(32,742
)
$
(1.19
)
$
(28,852
)
$
(1.06
)
Adjusted weighted average common shares
outstanding
27,412
27,150
1
Adjustment reflects non-cash accretion of
interest expense and amortization of issuance costs related to the
Senior Notes of $1.6 million and $1.5 million for the nine months
ended September 30, 2023 and 2022, respectively.
2
Adjustment amortization expense of
acquired developed technology included within cost of sales of
$12.7 million and $11.5 million for the nine months ended September
30, 2023 and 2022, respectively; and amortization expense of
acquired intangible assets of $0.9 million and $1.4 million for the
nine months ended September 30, 2023 and 2022, respectively.
3
Adjustment reflects stock-based
compensation expense of $10.6 million and $10.3 million for the
nine months ended September 30, 2023 and 2022, respectively.
4
Adjustment reflects a non-recurring
expense accrued related to our efforts to resolve a regulatory
matter.
5
Adjustment reflects non-cash changes to
the fair market value of the contingent consideration liability
related to the MENU Acquisition.
6
Adjustment reflects the acquisition
expenses incurred in the MENU Acquisition.
7
Adjustment reflects the gain on insurance
proceeds due to the settlement of a legacy claim.
8
Adjustment reflects severance included in
SG&A and R&D expense.
9
Adjustment reflects foreign currency
transaction gains and losses, rental income and losses, and other
non-recurring expenses recorded in other expense, net, in the
accompanying statements of operations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231109087485/en/
Christopher R. Byrnes (315) 738-0600 ext. 6226
cbyrnes@partech.com, www.partech.com
PAR Technology (NYSE:PAR)
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PAR Technology (NYSE:PAR)
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부터 5월(5) 2023 으로 5월(5) 2024